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Even though Diageo plc has already paid $40 million as a first tranche to Vijay Mallya as per the press statement of the company, he will be asked to return the entire amount and the rest of the $75 million.
Lawyers representing SBI-led consortium told BusinessLine that Diageo had informed them that the first tranche will be paid before March 31. "We don't know whether the amount of $40 million has already been paid," he said.
Ravi Nedungadi to retire by month-end
In another development, Ravi Nedungadi, a director with the UB Holdings, who had sought premature retirement sometime ago and has been allowed to do so, will act in an advisory capacity with the UB Group.
Sources close to Nedungadi told BusinessLine that he plans to write a book once he retires and it will most probably be a book on history.
Debt Recovery Tribunal in its order had asked Diageo not to disburse the enitre amount to Mallya until asked to do so.
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